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Personal Lines Insurance - Florida Common Law Best Exam Questions & answers Graded A+
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  • Personal Lines Insurance - Florida Common Law

Representing to the applicant that the specific additional coverage product is required by law is connection with the purchase of insurance when such coverage or product is not required is an unfair deceptive act known as: - CORRECT ANSWER-Sliding An agent may not obtain principally for the purp...

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  • August 13, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • personal lines insurance florida common law best
  • personal lines insurance florida stuvia
  • representing to the applicant that the specific ad

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  • Personal Lines Insurance - Florida Common Law
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Personal Lines Insurance - Florida
Common Law Best Exam Questions &
answers Graded A+

Representing to the applicant that the specific additional coverage product is required
by law is connection with the purchase of insurance when such coverage or product is
not required is an unfair deceptive act known as: - CORRECT ANSWER-Sliding



An agent may not obtain principally for the purpose of writing "controlled business"
which is defined as business written on themselves, their family members or employees
of a firm that the agent controls. If an agent's total premium written during a 12-month
period equal $100,000, what is the maximum percentage that may be attributed to the
sale of controlled business? - CORRECT ANSWER-50%



The purpose of the state licensing statues is to protect the: - CORRECT ANSWER-
Public



An agent must report to the Department within _____ days if they have been found
guilty of a felony or a crime punishable by imprisonment of one year or more under any
state or federal law, or the law of any other country. - CORRECT ANSWER-30



Life insurance agents must work in an ethical manner by... - CORRECT ANSWER--
Abiding by the laws and regulations governing life insurance

-Presenting all material facts to applicants and clients

-Engaging in fair business practices



The coverage provided by the Florida Life and Health Insurance Guaranty Association
applies to all of the following types of life insurance... - CORRECT ANSWER--Term

-Traditional Whole Life

-Fixed Annuities

, If a lender will not approve a real estate mortgage application unless the borrower buys
mortgage protection life insurance for the lender or their affiliated insurance agency, the
lender may be guilty of an unfair or deceptive act known as: - CORRECT ANSWER-
Coercion



If the owner of a deferred annuity with a cash value of $500,000 finds that the insurer
who issued the contract has become insolvent, the Life and Health Insurance Guaranty
Association will reimburse the contract owner up to a maximum - CORRECT ANSWER-
250,000



The individual who sits on the Financial Services Commission and supervises the
insurance function in the state is known as which of the following? - CORRECT
ANSWER-Chief Financial Officer



The Office of Insurance Regulation's primary area of regulation includes which of the
following? - CORRECT ANSWER-Policing against unauthorized insurance activities



How long is the pre-licensing education requirement for a life insurance agent in the
State of Florida? - CORRECT ANSWER-40 hours



The requirement than agents keep premium monies separate from their personal
accounts is... - CORRECT ANSWER-Fiduciary responsibility of the agent



What is not covered by the state Life and Health Guaranty Association? - CORRECT
ANSWER-Fraternal benefit societies



To be licensed in Florida as a resident producer, what is required? - CORRECT
ANSWER--A criminal background check

-Completion of the pre-licensing education requirements

-Passing the required examination



What is included within the definition of transacting insurance? - CORRECT ANSWER--
Soliciting a contract of insurance

-Negotiating a contract of insurance

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